By Festus Obot
The Federal Government has thrown its weight behind efforts by the Raw Materials Research and Development Council (RMRDC) to mandate a minimum of 30% value addition to local raw material resources before they are exported out of the country. The Honourable Minister of Innovation, Science and Technology, Dr Kingsley Tochukwu Udeh (SAN) made this known while speaking as a Special Guest at a one-day National Advocacy and Sensitization Conference for the implementation of the RMRDC 30% Value Addition Bill awaiting Presidential assent. The Honourable Minister emphasized that no nation has ever become industrialised through export of its unprocessed raw materials. He stated that nations industrialise when they add value to their raw materials.
Dr Udeh noted that the age-long economic model of exporting unprocessed raw materials while importing finished goods greatly retarded Nigeria’s economic growth and industrial development. He announced that this is what the RMRDC 30% Value Addition Bill seeks to address and called on well-meaning and patriotic Nigerians to support the Council’s efforts at championing Nigeria’s economic independence.
He described the RMRDC 30% Bill as not just a piece of legislation but a declaration of Nigeria’s economic independence. According to the Honourable Minister, “the RMRDC 30% Value Addition Bill is the enforceable, measurable, and sector-specific engine that will drive the principles of Executive Order 5 (EO5) into the heart of our no-oil economy. It transforms EO5’s directive for local content into a mandatory 30% floor for domestic value addition. It turns the principle of technology transfer into a non-negotiable condition for accessing our raw materials”, he stated.
Dr Kingsley Udeh stressed that the Bill further aligns with President Bola Tinubu’s Renewed Hope Agenda and the Nigeria First Policy of the Federal Government, and assured participants that the Bill will receive Mr President’s full blessing and assent.
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In his welcome address, the Director General of the Raw Materials Research and Development Council (RMRDC), Professor Nnanyelugo Ike-Muonso informed the audience that a major thrust of the Bill is to halt export of Nigeria’s unprocessed raw material resources, generate massive employment for the teeming youth population, and strengthen Nigeria’s drive to increase its foreign exchange earnings. He stressed that the implementation of the Bill when it is assented to by Mr President, will bring an end to the era of exporting Nigeria’s wealth only to import poverty. Prof Ike-Muonso noted that adding value to local raw material resources before export will create massive employment across various sectors of the economy, reduce poverty, tackle youth restiveness, generate income, boost economic activities, and ultimately result in industrial growth of Nigeria, he added.
